Gold closed modestly lower Wednesday, snapping a five-day winning streak, but prices rebounded in after-hours trading when minutes from the Fed’s latest policy meeting were released.
The FOMC appears closer to a third round of monetary easing, and that was bullish for precious metals in late-afternoon trading.
"Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery," revealed minutes from the FOMC meeting held between July 31 and August 1.
Gold was up as much as $15 to $1,657.90 an ounce following the release of the minutes.
"It was not widely expected the FOMC minutes would reveal anything new that would further suggest another round of quantitative easing of U.S. monetary policy is right around the corner," noted Jim Wyckoff in the P.M. Kitco Metals Roundup.
"But the market place was a bit surprised by the meeting minutes that hinted such is indeed the case," added Wyckoff.
In its settlement price before the minutes were made available, gold for December delivery was off $2.40, or 0.1%, to $1,640.50 an ounce. Gold prices ranged from an intraday low of $1,636.30 to a high of $1,650.60. In the previous session, the yellow metal had closed to its highest price since May 4.
In other New York precious metals closing prices:
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Silver prices for December delivery added 12.8 cents, or 0.4%, to close at $29.556 an ounce. Prices ranged from $29.170 to $29.670.
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Platinum for October delivery settled up $18.70, or 1.2%, to $1,526.50 an ounce, trading between $1,505.10 and $1,530.60.
- Palladium for September delivery climbed $4.55, or 0.7%, to $628.75 an ounce, ranging from $621.15 to $634.70.
London Precious Metals
London precious metals were higher Wednesday. When comparing the London PM Fix prices:
- Gold added $2.50, or 0.2%, to $1,642.00 an ounce,
- Silver gained 41.0 cents, or 1.4%, to $29.33 an ounce,
- Platinum rose $14.00, or 0.9%, to $1,518.00 an ounce, and
- Palladium advanced $12.00, or 1.9%, to $628.00 an ounce
Sales of U.S. Mint Bullion Coins
Modest mid-afternoon gains were reported by the U.S. Mint for its one-ounce American Eagle gold coins. The 22-karat gold coins advanced 1,000.
The following grid offers the most recent daily, August and year-to-date bullion coin sales, as published by the U.S. Mint.
| Sales of US Mint American Eagle and Buffalo Bullion Coins | |||
|---|---|---|---|
| Daily Gains | August Gains | YTD 2012 | |
| $50 American Eagle Gold Coins | 1,000 | 17,500 | 331,000 |
| $25 American Eagle Gold Coins | 0 | 1,000 | 57,000 |
| $10 American Eagle Gold Coins | 0 | 0 | 54,000 |
| $5 American Eagle Gold Coins | 0 | 10,000 | 200,000 |
| $50 American Buffalo Gold Coins | 0 | 5,500 | 84,500 |
| American Silver Eagle Coins | 0 | 2,021,000 | 21,691,000 |
| Sales of America the Beautiful 5 Oz. Silver Bullion Coins | |||
|---|---|---|---|
| Daily Gains | August Gains | All-Time Total | |
| 2012 El Yunque National Forest 5 oz. Silver Coins | 0 | 600 | 13,800 |
| 2012 Chaco Culture National Historical Park 5 oz. Silver Coins | 0 | 1,100 | 8,500 |
| 2012 Acadia National Park 5 oz. Silver Coins | 0 | 5,200 | 15,100 |
| 2011 Olympic National Park 5 oz. Silver Coins | 0 | 300 | 85,800 |
| 2011 Vicksburg National Military Park 5 oz. Silver Coins | 0 | 100 | 39,200 |
| 2011 Chickasaw Park 5 oz. Silver Coins | 0 | 100 | 29,500 |
| TOTAL | 0 | 7,400 | 191,900 |
All U.S. Mint bullion sales above are in coin totals, not in amount of ounces sold.
